Oil Prices Rise Again for 5 Straight Weeks of Increases

Oil prices show no signs of stagnating as increases in oil price today mark the fifth straight week of continuous increases, according to oil firms.

Oil firms Caltex, Cleanfuel, Petro Gazz, Seaoil, and Shell in separate advisories said that their gasoline prices will increase by PHP1 per liter and diesel prices by PHP0.65 per liter.

Moreover, oil firms Caltex, Seaoil, and Shell also announced an increase in their kerosene price by PHP0.75 per liter, with other oil firms expected to make their own price adjustments on gasoline, diesel, and kerosene price.

The latest Department of Energy oil monitor bulletin indicates that the price of gasoline for this year is higher by PHP10.74 per liter compared to gasoline prices last year. with diesel showing a PHP9.25 per liter increase compared to last year’s prices. Kerosene also increased by PHP7.70 per liter compared to last year.

Demand for oil is also seen to continue to ramp up, as people are now starting to go out again as vaccinations around the globe continue. (GFB)